HDFC Limited Lease Rental Discounting Loan Interest rates in Kozhikode Calicut
| Up To 50,00,000 | 50,00,000 Above | |
|---|---|---|
| Commercial Properties | 10.50% | 10.00% |
Features of HDFC Limited Lease Rental Discounting Loan Kozhikode Calicut
| Type | Features |
|---|---|
| Processing Fee | Upto 2.0% |
| Min Tenure | 5 Years |
| Max Tenure | 15 Years |
| Min Age | 24 Years |
| Max Age | 60 Years |
| Min Loan Amount | Rs.15,00,000/- |
| Max Loan Amount | Rs.30,00,00,000/- |
HDFC Limited Lease Rental Discounting Loan Kozhikode Calicut Charges
| Type | Charges |
|---|---|
| Penal Interest | 24% Per Annum |
| Bounce Cheque Charges | Rs.200/- |
| Switch Variable To Fixed | 1.75% on Outstanding |
| Switch Fixed To Variable | 1.75% on Outstanding |
| Photocopy Documents | Rs.500/- |
| C E R S A I Charges | "Rs 50/- For Loans up to 5 Lakhs, Rs 100/- For Loans above 5 Lakhs " |
Documentation For Lease Rental Discounting
For Salaried Persons
- Filled Application form
- Identity Proof (PAN CARD)
- Address Proof
- Latest 3 months Payslips
- Job Continuity Proof
- 2 Passport Size colour Photographs
- Co-Applicant identity proof, Address Proof
- Co-Applicant relationship Proof and Photograph
- 6 months Bank Statements
- 3 Post Dated Cheques/ECS Mandate
- Property Related documents
For Self Employed/Professionals
- Filled Application form
- Identity Proof
- Address Proof
- Last 2 years Income Tax Returns
- Professional/Self employed existence proof for more than 3 years
- 2 Passport Size colour Photographs
- Co-Applicant identity proof, Address Proof
- Co-Applicant relationship Proof and Photograph
- 6 months Bank Statements
- 3 Post Dated Cheques/ECS Mandate
- Property Related documents
Identity Proof For Home Loan
- Passport
- Driving License
- PAN card
- Photo credit card (with embossed Signature and last two months statement)
- Banker's sign verification
Age Proof For Home Loan
- PAN Card
- Passport
- License
- School leaving certificate
- Voter card
- Birth Certificate
- LIC policy (only for age Proof)
Income Proof For Home Loan
- Passport
- Telephone bill (BSNL/MTNL)
- Electricity bill
- Title deed of property
- Rental agreement
- Driving license
- Election ID card
- Photo-credit card (with last two month statements)
Address Proof For Home Loan
- Latest salary slip
- Current dated salary Certificate with latest form 16.
- Latest year IT Returns with Tax Audit reports(For Self Employed applicants)
Job Continuity Proof For Home Loan
- Form 16
- Relieving letter
- Appointment Letter (for last two months)
- Last 6 months of VAT/Service Tax returns (For Self Employed Applicants)
Banking History For Home Loan
- Bank statements of latest 2 months
- 3 months bank passbook
Property Related Documents For Home Loan
- Min of 15 years of Link documents of Property
- Min 15 Years of Encumbrance Certificate (EC) of the property obtained from Govt. Authorities
- Property Sanction plan
- BRS/LRS copies (if required, any)
HDFC Limited Lease Rental Discounting Loan FAQ's
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Why Lease Rental Discounting?
Most of the families prefer to have their own house whether big or small. There is a significant difference staying in a self owned house than in a rented shelter. House is the most costly asset owned by middle and upper middle class families and it has emotional value. Affording own house with actual money is not always possible. Even though a person has stable income, years of savings are required to own a house in this current market. A Home loan answers the problems of those people who are willing to have their own home but do not have sufficient money to do that. You can now own your dream home by availing Home loan.
Home loan is normally for purchase of a new House/ Flat/Plot or renovation/ renewing of existing residential or commercial properties. Home loans are provided by Banks and registered finance companies. In Indian market there are several Banks/ HFCs providing Home loans at competitive interest rates. Home loan is always secured against the property that you buy. In case you are unable to repay the loan amount the lending bank will have right to take possession of the home.
In case of a Home loan entire lump sum amount will be sanctioned and disbursed initially based on the credit worthiness. You can plan your housing loan repayment tenure varying from 10-30 years and is repayable in form of EMIs. The rate of interest applicable is linked with Bank's base rate. You have a option to chose floating interest rate or fixed interest rate for the loan amount. For those who want the EMI amount to be fixed and are intending to plan their payments accordingly can opt for fixed interest rate. Those who are ready to take minimal risk and intend to avail the advantage in the long run can avail floating rate of interest. Floating rate of interest is more beneficial in the long run.
Expert Advice
Best Practices for Home Loan
Things not to do for Home Loan
Lease Rental Discounting Vs Mortgage Loans
| Lease Rental Discounting | Mortgage Loan |
|---|---|
| Home loan can be availed for own/purchase of new property (Home or Flat). | Mortgage loans will be provided based on already owned property. |
| Under Home Loan, loan can be availed only for purchase of new property. | There is no restriction on mortgage loan usage. It can be used for any purpose. |
| Housing Loan will be provided for max of 25 years, some banks can extend it to 30 years also. | Mortgage loans will be restricted to max of 10 years of term, which will be varying from bank to bank in India. |
| Home Loans interest will be as low as 9.95% to max of 11.5%, these interest rates will be subject to change as per market condition. | Interest rate will be very from 12% to max of 15% based on the bank to bank. Generally mortgage loans will be fixed interest loans. |
| Home Loan customers can be eligible for Income tax deduction of Rs 1.00 lakh on housing loan interest under section 80EE. This would be in addition to the existing tax benefit of Rs 1.5 lakh under section 24, only if the value of the property purchased should not exceed Rs 40 lakh. Also, it could result in maximum savings of Rs 30,000-31,000. | If the money received from a mortgage loan is used for business purposes, the interest can be claimed as an expense on the balance sheet of the business. However, if an individual is using it for personal end use, like marriage or medical expenses, the interest is not tax deductible as per income tax guidelines. |
| Loan can be availed up to max of Rs. 1.0 Cr under home loan, for real estate project funding it can be up to Rs. 20.0 based on the bank risk appetite. | Mortgage Loans can be avail up to Rs. 15.0 cr based on the type of property and its usage and value of property and eligibility of applicants as per banks norms. |
| There is no prepayment penalty for the housing loan customers, when the loan will be cleared by the own funds. | There will be pre payment changes will be applicable for mortgage loans. This will be vary from 1% to 3% as per bank internal guidelines. |
| Part pre Payments will be allowed in Housing Loans. | There were no part prepayment will be allowed for Mortgage loans. |
| Housing Loan can be availed with joint eligibility by Husband and wife or blood relatives. | Mortgage loans also avail with the joint eligibility as company and director or blood relatives. |
| You can avail max of 80% of the property value as a home loan as per your eligibility criteria. | In Mortgage Loan max of 65% property value can avail as a Loan based on the type of property. |
| You can avail a top loan facility on your home loan. | Top up facility will be vary from bank to bank internal guidelines. |
About Kozhikode Calicut
Kozhikode is also called as Calicut, is a city in the state of Kerala and it is the second best city in India, this beautiful city boasts of beautiful beaches, parks, temples, churches, sanctuaries, hillocks, museums, wildlife, sculptures, rivers and lots more. It is the prominent trade and commerce center in Kerala.
Vasco Da Gama first set foot here in 1498 after which it became one of the most important ports in the Malabar region for the trade of spices, silk and other goods between European countries and India. The nature of land in Kozhikode is marshy. That is the reason why the world also knows Kozhikode as Chullikkad, which means a ‘shrubby jungle’.
Places To Be Visited In Kozhikode Calicut
Kozhikode Beach
The Kozhikode Beach is situated near the town of Kozhikode and is known for its old world charm and natural beauty. The beach has two crumbling piers that stand toward the middle of the sea and each of them are them are more than hundred years old. The beach also houses a lighthouse, Marine Water Aquarium and Lions Park.
Mananchira Square
Mananchira Square is the palace tank of King Vikrama, one of the great rulers in the region. It is situated in the heart of the city and is named after the Mananchira pond that spans an area of a square kilometre. While the place derived the name from the pond, the pond derived its name from the ruler of Zamoothiri Kingdom known as Manadevan. The palace tank has a traditional architectural design and is reminiscent of the ancient times. The Mananchira Square is surrounded by temples, churches, mosques and several traditional houses.
Beypore
Located 10 km from Calicut, is this ship-building port of Beypore. It is also one of of the busiest fishing harbors in Kerala. It was known as such centuries ago. The skilled workmen use the best of wood and build huge “Uru” for those who place orders. Even the rivets used are wooden. Their clientele were the Arabs who sailed a lot for trade. Such Urus used to be unloaded at the Calicut port using Cranes.
Thusharagiri Waterfalls
Thusharagiri Waterfalls about 50 km away is gainful. Far from the mad crowd this waterfall springs from the high hills among the green forests. You feel cool and fresh. if fond of trekking you can trek to reach the waterfall. A bath in the big pool is heavenly.
Kappad Beach
Kappad or locally known as Kappakadavu, is a famous beach near Kozhikode (Calicut), India, where the Portuguese explorer Vasco Da Gama landed on 20 May 1498. His voyage established the sea route from Europe to India.